Westpac offers personal loan for EVs and e-bikes

Westpac NZ has launched a new low-interest personal loan to support more New Zealanders to buy a range of electric vehicles, including EVs, e-bikes, e-scooters and e-mopeds.

The loan is available at 6.99% per annum and enables applicants to borrow up to $50,000 for up to five years.

It follows earlier loan provisions for EV chargers.

The latest loan offer will make sustainable forms of transport accessible for more New Zealanders, including those that do not have a house to borrow against, says Westpac NZ consumer banking and wealth general manager Ian Hankins.

 “We know more and more Kiwis are keen to help reduce their carbon footprint by adopting more sustainable forms of transport, and the Westpac EV loan is our way of supporting that,” he explains.

 “It allows borrowers to choose from a wide range of eligible vehicles to fit their lifestyle. For many people that might be an e-bike or e-moped so they can leave the car at home on their commute, while others might be looking to trade in their petrol car for a new or secondhand EV or hybrid.”

 The unsecured loan is available to a wide range of applicants, including people who currently do not bank with Westpac NZ.

 “Using an e-bike or EV is a great way to slash greenhouse gas emissions, because more than 80% of New Zealand’s electricity generation typically comes from clean renewable sources, like hydro and wind,” says Hankins.

 “E-bikes are a fast and efficient means of transport and EVs cost substantially less to run than a petrol or diesel-powered vehicle.

 “This offer opens up electric transport to younger generations, or others who may not own a house, who are keen to reduce their carbon footprint and in many cases their transport running costs.”

The loan is initially available for applications until December 16, 2022 and will then be reviewed.

 A $100 establishment fee applies.